U.S. stocks gained Monday on a sharp jump in oil prices boosted by geopolitical concerns following weekend terror attacks in Paris.
( Tweet This )
The major U.S. averages closed more than 1 percent higher, recovering some of their sharp declines last week.
Jeffrey Kleintop, chief global investment strategist at Charles Schwab, said history shows little economic impact from previous terror attacks in Europe. "As long as these attacks remain an isolated event, the market direction will (remain higher)," he said.
For the United States, "the bigger factor is the economic backdrop and what happens with the Fed," Kleintop said.
"I think there's a lot of wait and see. We had a nice bounce back in the market in the last six weeks and we're starting to roll over again. ... People are on edge. People don't want to panic," said Peter Boockvar, chief market analyst at The Lindsey Group.
"I think you're really going to focus on oil, focus on the 10-year. Not a lot of earnings reports, not a lot of economic news, so I think the focus is going to be on oil," said Peter Coleman, head trader at Convergex.